Cotton prices firm

Trading activity at the Karachi cotton market remained brisk on Monday. More than 12,000 bales changed hands. The Karachi Cotton Association (KCA) spot rate increased Rs 25 per maund to Rs 2,350 per maund.

Dealers attributed the bullish trend to high demand by leading mills and spinners.

They said private sector exporters also showed interest in purchasing quality lint. They are eyeing Trading Corporation of Pakistan (TCP)'s 50,000 bales of old crop, for which tenders would be opened tomorrow. A senior trader said the quality cotton of Punjab remained in high demand during the session. He said leading spinners were keen to buy cotton, irrespective of its quality. They also finalised some future contracts.

A senior broker said the ginners of Sindh offered poor quality lint for around Rs 2,225 per maund. They offered fine cotton for around Rs 2,375 per maund.

A broker said physical market prices remained between Rs 2,300 per maund and Rs 2,400 per maund. Poor quality lint of Punjab was sold for around Rs 2,285 per maund.

According to KCA, 200 bales of Daur changed hands at Rs 2,325 per maund, 300 bales of Nawabshah at Rs 2,350 per maund, 400 bales of Tando Adam Rs 2,300 per maund, 600 bales of Rahimyar Khan at Rs 2,400 per maund, 200 bales of Sakrand at Rs 2,350 per maund, 200 bales of Hyderabad at Rs 2,350 per maund, 200 bales Mirpurkhas at Rs 2,225 per maund and 200 bales of Sarhari at Rs 2,375 per maund.

Around 400 bales of Rajanpur were traded at Rs 2,400 per maund, 200 bales of Chishtian at Rs 2,375 per maund, 400 bales of Lodhran at Rs 2,400 per maund, 200 bales of Tando Muhammad Khan at Rs 2,300 per maund, 600 bales of Bahawalpur at Rs 2,400 per maund, 200 bales of Dera Ghazi Khan at Rs 2,400 per maund, 200 bales of Khanpur at Rs 2,400 per maund, 200 bales of Fazilpur at Rs 2,400 per maund and 200 bales of Vehari at Rs 2,390 per maund. China Cotton Index closed at 14,249 yuan/mt.

Dailytimes.com.pk